In QuotedData’s morning briefing 10 December 2024:
- Apax IX Fund in which Apax Global Alpha Limited (APAX) is a limited partner, has announced the full sale of its minority co-control stake in AssuredPartners, a leading mid-market property, casualty and employee benefits insurance brokerage, to Arthur J. Gallagher & Co. This transaction is expected to deliver a gross MOIC of 2.5x and gross IRR of 16% for Apax IX. The transaction values AGA’s look-through investment in AssuredPartners at approximately €51m, representing a discount of c.10% to the last valuation or a decrease of c.€6m in Net Asset Value of AGA at 30 September 2024. The transaction is expected to close in Q1 2025, subject to the receipt of certain regulatory approvals and customary closing conditions.
- AVI Global (AGT) announced that its largest holding D’Ieteren Group today trades ex-dividend of a €74 per share extraordinary dividend. The payment date is 12 December 2024. The company owns 663,947 D’Ieteren Group shares and as such will receive gross proceeds of €46.9m, equivalent to 3.4% of NAV. The company will incur a net rate of tax of 10% on these proceeds. The distribution will be accounted for as a capital distribution and will not form part of the company’s income required to be distributed to maintain investment trust status.
- Picton Property (PCTN) has exchanged contracts to sell Charlotte Terrace, London, for £13.1m – a 5% premium to its book value. Part of the office asset has been repositioned by PCTN for alternative use (in this case residential) for the purpose of maximising its value and realising an uplift in NAV. The company secured residential planning consent on a significant part of the void office element in August this year. The asset is around 50% vacant by estimated rental value (ERV) and comprises the second largest portfolio void. Proforma occupancy on PCTN’s wider portfolio will rise to 93% (30 September 2024: 92%) on completion of the sale (due in January 2025). PCTN has also announced the acquisition of a retail warehouse/trade counter unit at 90 Bristol Road, Gloucester for £0.5m, funded through cash resources. The property comprises 5,100 sq ft and is located adjacent to the company’s Mill Place Trading Estate ownership. The off-market transaction was structured as a sale and leaseback and reflects a net initial yield of 7.7%, increasing to 8.7% in year six, based on a fixed rental uplift.
- Great Portland Estates (GPE) has let the second floor office space at wells&more, in London, to HEINEKEN UK, the UK’s leading beer, cider and pub company. HEINEKEN UK has committed to a 10-year lease over 17,000 sq ft of recently refurbished office space and is due to move in early next year on a ‘Ready to Fit’ basis. The company is relocating from Elsley House – another GPE office. The move will enable GPE to create a further five fully managed units and amenity space at Elsley House in the newly vacated space, further growing its cluster of fully managed spaces in Fitzrovia.
- Greencoat UK Wind (UKW) says that, from 1 January 2025, its investment management fee will be based on a percentage of the lower of its net asset value and its market capitalisation. [We welcome this move, which reflects the substantial discount that has opened up on this and other renewable energy trusts.]
We also have:
Foresight Environmental Infrastructure streamlines portfolio with solar asset sale
AI drives double digit NAV return for Polar Cap Technology over H1
